Fitbit Inc. (FIT) Rating Reiterated by Longbow Research

Fitbit Inc. (NYSE:FIT)‘s stock had its “neutral” rating reiterated by Longbow Research in a report released on Tuesday.

Several other equities research analysts have also weighed in on the company. Pacific Crest lowered Fitbit from a “sector weight” rating to an “underweight” rating and lifted their price target for the company from $15.88 to $16.70 in a research report on Thursday, September 29th. Mizuho set a $20.00 price target on Fitbit and gave the company a “buy” rating in a research report on Thursday, September 15th. Vetr upgraded Fitbit from a “buy” rating to a “strong-buy” rating and set a $17.63 price target on the stock in a research report on Tuesday, August 9th. Wedbush restated an “outperform” rating and set a $18.00 price target on shares of Fitbit in a research report on Thursday, October 27th. Finally, Zacks Investment Research lowered Fitbit from a “hold” rating to a “sell” rating in a research report on Tuesday, October 4th. Five research analysts have rated the stock with a sell rating, sixteen have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $15.75.

Shares of Fitbit (NYSE:FIT) traded down 1.43% on Tuesday, reaching $8.28. The company’s stock had a trading volume of 8,462,675 shares. The company has a market cap of $1.85 billion, a price-to-earnings ratio of 20.10 and a beta of 3.29. Fitbit has a 52-week low of $8.20 and a 52-week high of $34.68. The stock has a 50-day moving average of $11.27 and a 200 day moving average of $13.52.

Fitbit (NYSE:FIT) last released its quarterly earnings results on Wednesday, November 2nd. The company reported $0.19 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.19. Fitbit had a return on equity of 11.94% and a net margin of 4.67%. The company had revenue of $503.80 million for the quarter, compared to analyst estimates of $506.93 million. During the same period in the previous year, the company posted $0.24 earnings per share. The firm’s revenue was up 23.1% on a year-over-year basis. On average, equities research analysts forecast that Fitbit will post $0.58 earnings per share for the current year.

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In other news, major shareholder Philip Douglas Black sold 50,000 shares of the company’s stock in a transaction dated Monday, November 7th. The stock was sold at an average price of $8.73, for a total value of $436,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Andy Missan sold 15,000 shares of the company’s stock in a transaction dated Tuesday, September 6th. The stock was sold at an average price of $15.14, for a total value of $227,100.00. Following the completion of the transaction, the executive vice president now directly owns 50,000 shares of the company’s stock, valued at approximately $757,000. The disclosure for this sale can be found here. 37.29% of the stock is owned by insiders.

Several institutional investors have recently added to or reduced their stakes in FIT. Vanguard Group Inc. raised its position in Fitbit by 22.8% in the second quarter. Vanguard Group Inc. now owns 8,371,908 shares of the company’s stock worth $102,305,000 after buying an additional 1,556,199 shares during the period. Morgan Stanley raised its position in Fitbit by 76.4% in the third quarter. Morgan Stanley now owns 3,801,352 shares of the company’s stock worth $56,411,000 after buying an additional 1,646,344 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in Fitbit by 26.0% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 3,472,704 shares of the company’s stock worth $51,535,000 after buying an additional 717,383 shares during the period. Ameriprise Financial Inc. raised its position in Fitbit by 476.2% in the third quarter. Ameriprise Financial Inc. now owns 3,019,722 shares of the company’s stock worth $44,812,000 after buying an additional 2,495,640 shares during the period. Finally, BlackRock Advisors LLC raised its position in Fitbit by 1.2% in the second quarter. BlackRock Advisors LLC now owns 2,780,488 shares of the company’s stock worth $33,978,000 after buying an additional 33,971 shares during the period. 64.78% of the stock is owned by hedge funds and other institutional investors.

About Fitbit

Fitbit, Inc is a provider of health and fitness devices. The Company’s platform combines connected health and fitness devices with software and services, including an online dashboard and mobile applications, data analytics, motivational and social tools, personalized insights and virtual coaching through customized fitness plans and interactive workouts.